Mortgage Compliance Blog

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  • 7 Issues Reported with the New CFPB HMDA Platform and Tools

    Jan 31, 2018, by Brian Arnesen
    With the new HMDA rules in effect and the new CFPB HMDA Platform now accepting 2017 submissions, growing pains and hiccups are to be expected. The CFPB recently said that it would not assess penalties for errors in data collected in 2018 and it recognized that there were significant operational challenges needed to meet the requirements under the rule.

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  • Mulvaney Takes the CFPB in a New Direction

    Jan 29, 2018, by Brian Arnesen
    On January 23, 2018, CFPB Director Mick Mulvaney sent out a memo to all staff at the CFPB that redefined the mission and purpose of the agency. That memo, which was leaked and published by ProPublica, stated that the CFPB would cease being a regulator that “pushed the envelope” through its enforcement actions and would instead serve everyone it works for.

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  • 3 Popular Ways Borrowers Falsify Income and Employment

    Jan 23, 2018, by Tim Simpson
    We’ve come a long way since the 2008 financial crisis. The phenomena of NINJA and stated income loans has died off. The current state of mind for every mortgage investor is VERIFY, VERIFY, VERIFY! People want to know exactly what they’re invested in, and verifying income & assets is an extremely important part of that.

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  • What Do Tax Season and HMDA Reporting Have in Common?

    Jan 23, 2018, by Brian Arnesen
    The short answer is everyone waits until the last minute to submit their files. For example, “In 2015, 21.5 million Americans or 1 in 7 filers waited until the last week before the deadline to file their tax returns,” according to the IRS. Historically (based on our volume of support calls) a large percentage of HMDA filers also wait to submit their HMDA data until the last two weeks of February.

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  • Why Your CRA Story Matters

    Dec 29, 2017, by Brian Arnesen
    Whether you are a large bank with assets of $1 billion or a small bank, your Community Reinvestment Act (CRA) story matters. All state member and nonmember banks, national banks, and saving associations that meet or exceed the asset size thresholds as defined by the FFIEC for both of the last two calendar years are subject to the data collection and reporting requirements of the Community Reinvestment Act. Even if you’re not a submitting bank, you still need to perform under the Act.

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  • How to Use the New CFPB HMDA Platform

    Dec 29, 2017, by Brian Arnesen
    Although the new CFPB HMDA rules can seem complex to navigate, the submission process is relatively straightforward, especially if you already use QuestSoft software. The new CFPB HMDA platform was released in beta on November 3, 2017 and allows for institutions to create accounts and test their HMDA data for errors. In 2018, more than 3,000 institutions will submit their data to the CFPB using the new submission platform.

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  • 3 Common Forms of Occupancy Fraud

    Dec 28, 2017, by Tim Simpson
    In the mortgage industry, there are countless different forms of fraud ranging from the seemingly innocent omissions, to large scale market manipulation. One of the more common forms of deceit, which may seem like just a white-lie, is occupancy fraud.

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  • 4506-T Vendors Warning of Closing Delays

    Dec 20, 2017, by Brian Arnesen
    The IRS called a sudden meeting on Friday, December 8th to announce that they were going to implement security to protect taxpayers. The surprise was they were implementing it over that same weekend.

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  • 3 Ways to Use Your HMDA Data

    Nov 30, 2017, by Brian Arnesen
    Digging through the data yourself can often be tedious if you do not know what you are looking for. However, there are tools such as QuestSoft’s Market Data module that can extrapolate the information from the HMDA data for insights into an institution’s performance and allow institutions to improve their lending performance.

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  • [Q&A] How Will a New CFPB Director Affect Compliance?

    Nov 28, 2017, by Brian Arnesen
    With the upcoming change in leadership, we decided to have QuestSoft President Leonard Ryan and QuestSoft Vice President of Support and Training Carey Aimone weigh in on how a new director could affect the future of compliance and regulations.

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